Oil, Stock Gains as Enthusiasm for a Stimulus Deal Spreads – 06 August 2020

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US President Donald Trump already threatened with taking executive action if both parties don’t agree on an arrangement.

Crude OilYesterday, the oil markets continued rallying, hitting a 5-month high, after the markets learned that there was a drop in crude inventories.

The Energy Information Administration reported that the crude oil inventories dropped by 7.4 million barrels in the last week of July, after reporting the previous week that crude oil inventories went down by 10.6 million barrels. This data comes after the American Petroleum Institute reported that the crude oil inventories dropped by 8.587 million barrels on that same week.

The West Texas Intermediate crude oil futures went up by 1.18 percent during the session, closing at the 42.19 level. Conversely, the Brent oil futures gained 1.67 percent, closing the session at the 45.17 level.

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The coronavirus crisis continues advancing around the world. At the moment there are 18,990,088 confirmed coronavirus cases as well as a death toll of 711,463.  The United States leads in the number of infections, with 4,973,741 confirmed COVID-19 cases as well as a death toll of 161,607, followed by Brazil, India, and Russia.

The US stock markets closed in the positive territory yesterday on hopes for an agreement regarding a new coronavirus relief package in the United States. The disagreement between both the Republican and Democrat parties continues as they discuss whether they should approve an additional $600 unemployment aid or lower it to $200. The expectations are high since the US lawmakers are set to leave for a summer recess on Friday.

“If there’s not a deal by Friday, there won’t be a deal,” commented the Missouri Senator Roy Blunt.

US President Donald Trump already threatened with taking executive action if both parties don’t agree on an arrangement.

The Dow Jones Industrial Average gained 1.39 percent during the session, closing at the 27,201.52 level, while the S&P 500 gained 0.64 percent, closing the session at the 3,327.77 level. Conversely, the Nasdaq 100 gained 0.26 percent during the session, closing at the 11,125.44 level, while the NYSE Composite gained 0.95 percent during the session, closing at the 12,731.55 level.

The European stock markets closed on the positive territory at the end of the session. The DAX advanced 0.47 percent during the session, closing at the 12,660.25 level, while the CAC 40 gained 0.90 percent, closing the session at the 4,933.34 level. Conversely, the IBEX 35 gained 0.26 percent during the session, closing at the 7,039.70 level, while the Euro Stoxx 50 closed the session at the 3,268.38 level, advancing 0.43 percent during the session.

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